Emerging Markets Investment Overview
Operating costs
•
•
•
Ashmore
Adjusted operating costs reduced by 7% YoY
Adjusted operating costs (£m)
51.2
0.3
(3.7)
47.8
Non-VC operating costs increased by 1%
Disciplined control of all operating costs
- Average headcount stable YoY
Limited travel and remote working, but restrictions
starting to ease
VC accrual at 20%
VC variable compensation
Figures stated on an adjusted basis, excluding FX
translation and seed capital-related items
H1 2020/21
Non-VC costs
VC
H1 2021/22
H1 2021/22
H1 2020/21
£m
£m
YoY %
Fixed staff costs
(13.7)
(13.6)
(1)
Other operating costs
(9.8)
(9.6)
(2)
Depreciation & amortisation
(1.6)
(1.6)
Operating costs before VC
(25.1)
(24.8)
(1)
Variable compensation (20%)
(22.8)
(25.2)
10
- adjustment for FX translation
0.1
(1.2)
n/m
Adjusted operating costs
(47.8)
(51.2)
7
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